Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Mid Wynd International. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

MWY’s new management team takes the reins; hoping to replicate a strong long-term track record…

Mid Wynd International (MWY) is now managed by Lazard Asset Management, following the departure from Artemis of the previous portfolio managers in 2023, and a beauty parade conducted by the board. The board’s review resulted in the portfolio management duties being assigned to Louis Florentin-Lee and Barnaby Wilson (Barney) who have co-managed Lazard’s Global Quality Growth mandate since 2011. The strategy provides MWY investors with the opportunity to access a strategy historically reserved for institutional investors. Absolute performance has stood out, but relative performance hasn’t since the formal takeover in October 2023, but it is worth noting that the strategy has delivered good relative returns versus the MSCI ACWI Index and comparable strategies over the long term (see Performance).

As discussed in Portfolio, Louis and Barney look for companies that have demonstrable compounding characteristics which include having a competitive advantage within their industries, high returns on capital and strong management teams that can effectively allocate capital to reinvest and facilitate long-term growth. Therefore, turnover within the portfolio is low and the nature of returns typically geared towards generating capital growth. That said, a progressive dividend policy is a feature of MWY (see Dividend).

Louis and Barney benefit from the wealth of resources within Lazard, with analysts following their resolute focus on quality, resulting in a benchmark-agnostic portfolio with an active share of 90%. Although the investment objective hasn’t changed, only six holdings remained in the portfolio following the rebalance at the start of October, when the pair formally took control of the portfolio.

The board operates a strict Discount control policy which aims to limit the discount or premium to 2% under normal market conditions to enhance liquidity and maintain shareholder value. The trust currently trades at a discount of 2.1%, wider than its five-year average premium of 1.1%. At the time of writing MWY is not geared.

Analyst's View

MWY provides an opportunity for retail investors to access a successful long-term strategy which has historically been reserved for institutional investors. Although the investment objective hasn’t changed, investors need to consider Louis and Barney’s longer-term philosophy, and perhaps a more committed focus on quality, with a lower-style risk exposure to value and growth when compared to the previous managers and the MSCI ACWI Index benchmark. This has been reflected in the limited number of holdings that have been carried over, and the significant increase in the US equity allocation, as well as the information technology, industrials and financials sector allocations.

We believe it may be a good time for investors to consider MWY. Louis and Barney’s focus on high quality, compounding companies, with demonstrable competitive advantages may prove valuable in an uncertain environment and an era of structurally higher inflation. Furthermore, the companies’ ability to generate sustainable cash flows can fuel future growth rather than being subject to a higher cost of borrowing in a higher-for-longer interest rate environment. On a relative basis, the new strategy has been slow to get out of the gates, however, given the strong performance from global equity indexes and global peers, which have become increasingly more concentrated. We would argue this better highlights MWY’s diversifying characteristics and lower sensitivity to the stylistic biases that are currently driving markets. We believe the long-term performance characteristics of the strategy should impress investors looking for a core equity holding. With the trust trading at a discount level close to the lower bounds of its target range, this may provide a small added boost to returns over the long term if the premium is re-established.


  • Strong long-term track record for the strategy
  • Managers commitment to quality offers a benchmark-agnostic exposure
  • Discount at bottom of board’s desired range, may narrow as investors gain confidence in new strategy


  • May take time for investor sentiment to warm to new strategy
  • Performance can lag during periods of strong style bias
  • No guarantee that discount will not widen out
Continue to Portfolio

Fund History

10 May 2024 Fund Analysis
MWY’s new management team takes the reins; hoping to replicate a strong long-term track record…
12 Oct 2023 Fund Analysis
Introducing MWY’s new management team…
06 Oct 2023 Are you ready for your closeup?
We explain how the professionals go about building a peer group…
04 Oct 2023 To gear, or not to gear...
We examine the impact that rising rates have had on fund managers' appetite for gearing as a means to spice up returns...
16 Jun 2023 Known unknowns
How should investors prepare for a prospective economic downturn?
11 May 2023 Tipping point
Battered growth strategies have staged a comeback recently, but what happens now?
15 Feb 2023 Lost in translation
We argue Japanese equities look attractive on both a short and long-term view…
07 Feb 2023 Fund Analysis
The flexibility of the managers continues to provide a resilient, core global equity solution for long-term investors…
21 Dec 2022 Reasons to be cheerful
We find reasons to be cheery this Christmas in the long-term trends which are going to transform society and generate returns…
31 Aug 2022 Fund Analysis
MWY’s flexible approach has proven relatively resilient compared to its global equity focused peers…
22 Jun 2022 Spider's web
We outline our new quantitative system for mapping the crucial performance characteristics of investment trusts…
18 May 2022 Riding out the storm
We look at trusts with tightly governed discounts which may appeal to investors in volatile markets…
11 Apr 2022 Go with the flow
MWY has responded well to changing markets…
19 Jan 2022 Apples and pears
We examine the relationship between the demand for open- and closed-ended funds, and ask whether investor behaviour can be predicted...
05 Jan 2022 Fund Analysis
MWY may be an opportunity for more cautious investors to gain exposure to global equity markets…
08 Dec 2021 We are the (ESG) champions
Investment trusts tend to be amongst the best-performing ESG strategies in the combined open- and closed-ended universe…
19 Aug 2021 Pandemic immunity
We ask which global equity trusts have outperformed through the different stages of the pandemic…
16 Jun 2021 A better class of travel*
Sharing many features of a traditional family office, investment trusts offer ordinary investors a cost-effective solution to managing family wealth...
16 Jun 2021 Fund Analysis
MWY's approach to sustainability adds significant robustness to process…
10 Jun 2021 Green is good!
2021 will see billions dedicated to sustainable initiatives, which brings with it a host of possible investment opportunities...
10 Mar 2021 Spring Conference '21
Audio and presentations from 21 of the UK’s leading investment trust managers…
04 Mar 2021 Slides and Audio: Mid Wynd International
Download the presentation and listen to the audio from our 'Ideas for your ISA' Spring Conference on 04 March...
16 Dec 2020 My haven’t you grown!
How sustainability has gone from zero to hero in 2020…
19 Nov 2020 Hope springs eternal
The US election has given long-suffering value investors new hope of a 'great rotation' in their favour, but that light at the end of the tunnel could in fact be a train…
29 Oct 2020 Fund Analysis
MWY is a core global equity offering, with both upside potential and downside protection…
15 Oct 2020 Nice guys finish first
ESG has moved from hippy pipe-dream to corporate mainstream, but what is it really and where do we see opportunities?
09 Jul 2020 The next big thing: two mega-trends that everyone should own
Tech seems to beat every other sector hands down – in both up and down markets – but nothing lasts forever. Where else should investors be looking for secular growth themes?
05 Jun 2020 Deep impact
Audio and presentations from our conference this week, where fifteen of the world's best fund managers described a profoundly altered investment landscape...
20 May 2020 Riding for a fall?
We ask what could derail the multi-year tech boom…
13 May 2020 Braving the new world
Join 15 of the UK's best known fund managers at the Kepler Trust Intelligence Virtual Summit to find out how they see the world after the pandemic...
29 Apr 2020 On solid ground
Our analysis of discounts highlights trusts which are likely to offer significantly less discount downside from the current level…
15 Apr 2020 Fund Analysis
MWY has been a standout trust over the past three years, capturing less downside than its peers in negative phases and outperforming during the rising markets…
08 Apr 2020 Children of the Revolution
The outperformance of technology hints at an exciting possible future for the market when the virus is beaten…
09 Jan 2020 Full house
The KTI team’s ‘top picks’ for 2019 have delivered strong results…
12 Dec 2019 Regime change: how manager changes impact performance
Does a change in manager result in improved trust performance?
23 Oct 2019 Sail away: the best trusts to escape the UK
We look under the hoods of Global sector trusts to see which offer the best diversification prospects for UK investors...
11 Sep 2019 Fund Analysis
Mid Wynd aims to identify companies which can generate long-term growth whilst keeping a sharp eye on protecting investors’ wealth during negative periods…
28 Jun 2019 Trusted by families
In a guest addition of our 'view from the top' series, a descendant of the founding family of Mid Wynd investment trust, who sits on the trust's board, explains why the trust still works 70 years on...
01 May 2019 Should you worry about what Sterling will do next?
Mid Wynd International Investment Trust's Sim Edelsten thinks not...
07 Mar 2019 A prudent approach
Alex Illingworth talks to Martin Stott about the team’s thematic approach to growing assets.
27 Feb 2019 A marathon not a sprint
Our research shows that investment trusts' structural advantages give them a significant edge for investors seeking long-term capital growth...
04 Feb 2019 History matters
We speak to Professor Russell Napier, founder of Edinburgh's Library of Mistakes - and find out why he thinks past performance really can be a guide to the future...
15 Jan 2019 Fund Analysis
A trust that aims to grow real wealth through investing in high-quality stocks across the world...
31 Dec 2018 Ladies, gentlemen and non-binary persons, start your engines…
With Britain only months away from the bright, sunlit uplands of Brexit and America officially ‘great’ again, we present a selection of ideas for what looks set to be a fascinating year…
13 Dec 2018 Efficiency is everything
With fee structures under increasing scrutiny, we analyse which trusts limit their costs without sacrificing standards...
08 Aug 2018 Feeling giddy?
As markets look toppy, we consider a few equity trusts with different approaches to diversification and risk management...
08 Aug 2018 Fund Analysis
Mid Wynd International is a core global equity offering which aims to grow wealth steadily through the cycle...
13 Dec 2017 Fund Analysis
A global equity offering which aims to grow wealth with a clear focus on delivering steady returns throughout the cycle, and in particular avoiding downside capture during negative phases...
12 Oct 2017 Roaring back…
We analyse the drivers behind the significant outperformance of global active managers in 2017, following what was a very poor year for them in 2016...
28 Feb 2017 Don’t wanna be an American idiot…
After such a chaotic start to Donald Trump's presidency, we look at potential options for investors in the US equity space...
22 Feb 2017 Into the wilderness...
In this detailed study of the global equity sectors, we analyse how managers are positioned in a world of high valuations and seismic political changes...
21 Feb 2017 Fund Analysis
A core global equity portfolio with a flexible mandate and a focus on capital preservation…
05 Oct 2016 Analysis - Going global
As the prospect of a messy divorce from the EU becomes increasingly real, we look at ways to diversify your portfolio away from the UK...
27 Jun 2016 Broken Britain
As the UK enters a period of uncertainty the like of which has not been seen since the Suez Crisis, we highlight four trusts which have little exposure to our unfolding catastrophe....
View all

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